Friday, July 08, 2005

Quick Market Update

Jobs data was not too bad today. While payrolls didn't grow as much as expected, the unemployment rate now stands at 5%. This is the rate that economists once thought was the non-inflationary lower bound, or the natural unemployment rate. Though, during the Clinton Administration, we witnessed non-inflationary unemployment rate below 4%. But, I digress.

OK, so the markets rocketed on this data. Made two quick round-trip trades today, and one yesterday. All three were profitable, thankfully. Yesterday, I played Cisco (CSCO) for a small 18.63 to 18.78 pickup. Today, I played THQ Inc. (THQI), the video game publishing company, for a bounce following their Wells Fargo downgrade from 31.64 to 31.89. After making a few bucks, I decided to gamble a little, and grabbed a little bit of Neurocrine Biosciences (NBIX) at 44.37. It came to my attention after a brief mention on Guerilla Trader's blog (see my blogroll). I dumped it a little while ago at 45.29. Yay. I really should post my trades in real-time, but I've been playing on PartyPoker trying to clear a bonus.

In other news, World Poker Tour Enterprises (WPTE) received an unsolicited takeover bid by the poker god, Doyle Brunson. Stock is currently trading up a whopping 60%. Wow.

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